I found a solution, but I caution that it involves a hack. Make sure your system is backed up before you attempt this:
Download the file GenericUSBXHCI_1.2.4.tar.gz, from http://sourceforge.net/projects/genericusbxhci/files/
Download "Kext Utility" from http://www.osx86.net/view/2514-latest_kext_utility_10.8_edition.html
Open Kext Utility and let it finish the repair process, then drag GenericUSBXHCI.kext on it's window and let it finish again, then reboot.
I haven't had time to see how this affects other USB devices yet, so this is very experimental, but the Pantech UML295 is now recognized by my MacBook Pro (Retina Display), and "Verizon Mobile Broadband Manager" ("VMBM") recognizes it and can connect.
BTW, VMBM automatically connects to a wi-fi network if it finds one and disconnects from LTE data. There doesn't seem to be any way to stop this behavior. What's weird is that, if I turn on internet sharing through the LTE VMBM connection, it says it has connected through my wi-fi, but it still works, which is very strange. Is it really getting an internet connection through LTE, then sharing this out over my wi-fi, then forcing the computer to connect to it's own shared wi-fi signal? Bizarre.
Good luck